Joe Biden has delegated to Secretary of State Antony Blinken and Treasury Secretary Janet Yellen his authority to provide financial support to Ukraine under the law regulating the use of Russian sovereign assets for the benefit of Ukraine (REPO).
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Biden signed a corresponding memorandum, in which he noted that the law “Restoring Economic Prosperity and Opportunity for Ukrainians” authorizes these officials to carry out the actions provided for in the document.
The REPO law, passed in April this year, establishes the procedure for confiscating and disposing of Russian sovereign assets. These include cash and other property, the Russian Direct Investment Fund of the Central Bank and the Ministry of Finance of the Russian Federation.
The State Department uses this fund to compensate Ukraine for damages caused by the Russian invasion, including reconstruction and humanitarian assistance to the Ukrainian people.
The document also obliges the president to seek, together with foreign partners, the creation of an international mechanism for compensation to Ukraine using Russian sovereign assets confiscated in other countries.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.